Slate Rock and Gravel Company reported the following data for its qualified defined benefit pension plan...
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Slate Rock and Gravel Company reported the following data for its qualified defined benefit pension plan as of December 31, 2019 and 2020: December 31, 2019 $639,700 497,000 Projected benefit obligation Fair value of plan assets Prior service cost--AOCI Net loss -- AOCI Discount rate - 3.6% Expected return on plan assets - 5.4% Remaining PSC amortization period -4 years Average remaining service life - 10 years 2020 Service cost Contribution on 12/31/2020 Benefit paid on 12/31/2020 4,700 150,900 December 31, 2020 $643,200 508,000 2,100 29,300 33,900 Required: 1) Reconcile the projected benefit obligation at 12/31/19 to the balance at 12/31/2020. 2) Reconcile the fair value of plan assets at 12/31/19 to the balance at 12/31/2020. 3) Prepare a schedule detailing 2020 pension cost. 4) Prepare the 2020 journal entries necessary to record the 2020 pension activity. 5) Determine 2020 pension cost assuming Slate chose immediate recognition of all gains and losses. Slate Rock and Gravel Company reported the following data for its qualified defined benefit pension plan as of December 31, 2019 and 2020: December 31, 2019 $639,700 497,000 Projected benefit obligation Fair value of plan assets Prior service cost--AOCI Net loss -- AOCI Discount rate - 3.6% Expected return on plan assets - 5.4% Remaining PSC amortization period -4 years Average remaining service life - 10 years 2020 Service cost Contribution on 12/31/2020 Benefit paid on 12/31/2020 4,700 150,900 December 31, 2020 $643,200 508,000 2,100 29,300 33,900 Required: 1) Reconcile the projected benefit obligation at 12/31/19 to the balance at 12/31/2020. 2) Reconcile the fair value of plan assets at 12/31/19 to the balance at 12/31/2020. 3) Prepare a schedule detailing 2020 pension cost. 4) Prepare the 2020 journal entries necessary to record the 2020 pension activity. 5) Determine 2020 pension cost assuming Slate chose immediate recognition of all gains and losses.
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1 The projected benefit obligation at December 31 2020 is 639700 The projected benefit obliga... View the full answer
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
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